PACCAR (NASDAQ:PCAR) Price Target Cut to $126.00 by Analysts at Morgan Stanley

PACCAR (NASDAQ:PCAR) had its target price decreased by Morgan Stanley from $135.00 to $126.00 in a research report released on Wednesday, Benzinga reports. Morgan Stanley currently has an overweight rating on the stock.

A number of other brokerages have also recently weighed in on PCAR. Citigroup lifted their price target on shares of PACCAR from $100.00 to $108.00 and gave the company a “neutral” rating in a research report on Wednesday, October 9th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of PACCAR from $121.00 to $109.00 and set a “buy” rating for the company in a report on Wednesday, July 24th. StockNews.com upgraded shares of PACCAR from a “hold” rating to a “buy” rating in a report on Wednesday, July 24th. Evercore ISI dropped their price objective on shares of PACCAR from $109.00 to $99.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of PACCAR from $115.00 to $125.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $114.18.

PACCAR Price Performance

Shares of PCAR opened at $105.90 on Wednesday. PACCAR has a 1-year low of $80.94 and a 1-year high of $125.50. The stock has a market cap of $55.51 billion, a PE ratio of 10.99, a P/E/G ratio of 1.62 and a beta of 0.91. The firm has a 50-day simple moving average of $99.39 and a two-hundred day simple moving average of $103.31. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.91 and a quick ratio of 2.54.

PACCAR (NASDAQ:PCAR) last announced its quarterly earnings results on Tuesday, October 22nd. The company reported $1.85 earnings per share for the quarter, beating analysts’ consensus estimates of $1.82 by $0.03. PACCAR had a net margin of 13.51% and a return on equity of 27.24%. The business had revenue of $8.24 billion during the quarter, compared to analysts’ expectations of $7.66 billion. During the same period last year, the business earned $2.34 earnings per share. The business’s revenue for the quarter was down 5.2% on a year-over-year basis. As a group, analysts forecast that PACCAR will post 8.07 EPS for the current year.

PACCAR Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 4th. Investors of record on Wednesday, November 13th will be paid a $0.30 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $1.20 dividend on an annualized basis and a yield of 1.13%. PACCAR’s dividend payout ratio is currently 12.45%.

Insider Buying and Selling

In other news, CEO R Preston Feight sold 27,834 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $98.70, for a total transaction of $2,747,215.80. Following the completion of the sale, the chief executive officer now owns 162,782 shares in the company, valued at approximately $16,066,583.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 2.02% of the stock is owned by insiders.

Institutional Trading of PACCAR

Several institutional investors have recently modified their holdings of the stock. SteelPeak Wealth LLC lifted its position in shares of PACCAR by 10.7% during the 3rd quarter. SteelPeak Wealth LLC now owns 20,326 shares of the company’s stock worth $2,006,000 after buying an additional 1,967 shares during the last quarter. Pinnacle Associates Ltd. lifted its position in shares of PACCAR by 3.4% during the 3rd quarter. Pinnacle Associates Ltd. now owns 11,619 shares of the company’s stock worth $1,135,000 after buying an additional 386 shares during the last quarter. First Trust Direct Indexing L.P. lifted its position in shares of PACCAR by 9.5% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 17,423 shares of the company’s stock worth $1,719,000 after buying an additional 1,508 shares during the last quarter. Integrated Advisors Network LLC lifted its position in shares of PACCAR by 478.8% during the 3rd quarter. Integrated Advisors Network LLC now owns 13,313 shares of the company’s stock worth $1,314,000 after buying an additional 11,013 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its position in shares of PACCAR by 111.0% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 6,649 shares of the company’s stock worth $656,000 after buying an additional 3,498 shares during the last quarter. Hedge funds and other institutional investors own 64.90% of the company’s stock.

About PACCAR

PACCAR Inc designs, manufactures, and distributes light, medium, and heavy-duty commercial trucks in the United States, Canada, Europe, Mexico, South America, Australia, and internationally. It operates through three segments: Truck, Parts, and Financial Services. The Truck segment designs, manufactures, and distributes trucks for the over-the-road and off-highway hauling of commercial and consumer goods.